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ICB Level 4 Certificate - Financial Statements

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Financial Reporting Standards under FRS105 and FRS102 (Section 1a)

This course covers one of the four Level 4 Certificate units that make up the Level 4 Diploma in Advanced Bookkeeping and Accounting.  Covering the preparation of financial statements  for Micro Entities and Small Business under Financial Reporting Standards FRS105 and FRS102 (Section 1A). Upon completion of this qualification you will be enabled to work in an employed or self-employed situation, preparing financial statements in line with FRS105 and FRS102 (Section 1A)

Your Ideal Schools course will consist of the following:

    • Interest free payment option - NO credit checks or 3rd party finance
    • All Study Materials provided in a presentation folder
    • Online access to ALL training materials - study on the go!
    • 1 year tutorial support via phone & email
    • Additional support via our award winning social media groups
    • Continuous workbook activities
    • 6 x tutor marked assignments
    • 2 x official ICB Mock exams (value = £30)
    • Ongoing career support 

Entry Requirements: Full Membership of ICB

One of the Level 4  Certificate units, designed to provide you with a fuller appreciation of the creation and submission of financial statements for limited companies. Other  Level 4 units to consider are:
Corporation Tax for Micro and Small Business
Self Assessment Taxation
Business Insight
Combined Level 4 Diploma

Associated Exams: L4DFS

Exam Structure:  1 x home or centre based examination (to be confirmed)
Study Time:  Approx 70-80 hours

CPD Status: 30+ hours structured & unstructured, meeting ICB annual suggested target

Total exam fees for this course option are £85.00 (1 @ £85)When it comes to paying for your exams you have two options:

  1. Save 5% - During online registration, select to switch to the option that incorporates the exam fees and you will save an extra 5% on ALL feesWith this option, your exam fees are either added to your full payment or spread evenly throughout your interest free payment term.
  2. Pay as you go: As you complete each section of study you'll be instructed to book your exams. If you have not pre-paid these you'd simply contact our admin team to pay and we'll then place your exam order. 

 The choice is yours!!

Underpinning Knowledge
Explain the purpose of financial statements, the legal framework that govern these and the role of accounting standards.
Define the purpose of financial statements; explain the need to comply with the Companies Act; outline the role of the Financial reporting Council (FRC).

Explain the statutory returns that need to be made for an incorporated entity
The company Confirmatory Report; Annual accounts to Companies House; Corporation tax return to HMRC

Explain the objectives of financial statements and their use and users.
Outline the elements of the conceptual framework for financial reporting; Identify the elements of financial statements; Understand and apply the qualitative characteristics of financial statements; Understand and apply the accounting concepts; Identify the user groups and state clearly the way in which they use financial statements

Explain the elements of company finance
Define the terms: Share capital, Reserves & Equity; Distinguish between ordinary shares and preference shares; Explain the process of a share issue; Explain what is meant by issuing shares at a premium; Define the term loan notes

Limited Company Financial Statements
Prepare Financial Statements for a Limited Company and/or a Limited Liability Partnership to ensure they comply with the relevant Accounting Standards and Company Legislation
Produce a set of internal management accounts to include all year-end adjustments; Post relevant entries to the accounts for the provision and payment of corporation tax; Complete details for the fixed assets register; Understand and apply the accounting concepts that are contained in FRS105 Sections 2 and 3and FRS102 Section 1A; Prepare a Statement of Financial Position with the relevant minimum accompanying notes under any of the formats in FRS 105 (Section 4) and FRS102 Section 1A (Appendix A); Prepare a Statement of Incomes per the format in FRS 105(Section 5) and FRS102 Section 1A (Appendix B); Prepare a set of notes to the accounts as per the format in FRS 105(Section 6) and FRS102 Section 1A (Appendix C); Understand the nature of voluntary disclosures

An Introduction to Consolidated (Group Accounts)
Explain the general principles of consolidation and prepare a set of Group Accounts to include both a Subsidiary and an Associate under FRS102 Section 9 - Note: This is a voluntary disclosure under FRS 102 Section 1 (A)
Explain what is meant by the single entity concept; Establish the group structure: Apply what is meant by fair value adjustments and fair value consideration, Determine the net assets of the subsidiary, Calculate the goodwill on acquisition, Calculate the non-controlling interest, Determine the retained earnings of the group, Draft a Consolidated Statement of Financial Position; Define the term Control; Explain the treatment of pre and post-acquisition reserves and acquisition of a subsidiary part way through the year; Explain the treatment of inter-company trading; Prepare a Consolidated Income Statement; Explain what is meant by the terms Associate and significant influence; Explain the principle equity accounting; Identify an Associate in a group structure.

The Statement of Cash Flows
Explain the purpose of the Statement of Cash Flows and prepare the Statement based on FRS102 Section 7 - Note: This is a voluntary disclosure under FRS 102 Section 1 (A)
Explain the need and purpose of The Statement of Cash Flows; Outline the elements of The Statement of Cash Flows as detailed in FRS102 Section 7; Prepare a Statement of Cash Flows showing clearly cash flow from: Operating Activities, Investing Activities, Financing Activities, The subsequent increase/decrease in cash or cash equivalent; Interpret and prepare a set of notes on a company’s cash position as outlined in The Statement of Cash Flows

Interpretation of Financial Statements
Analyse and Interpret Limited Company Financial Statements using Performance Indicators and Ratio Analysis.
Calculate Profitability Ratios: Return on Capital Employed (profits before interest and tax divided by capital employed (total assets less current liabilities), Gross Profit % of Sales, Net Profit % of Sales; Calculate Liquidity Ratios and Asset utilisation: Current Ratio, Acid Test, Receivables Collection Period, Payables Payment Period, Inventory Turnover, Asset Turnover; Calculate the following financial structure ratios: Gearing, Interest Cover,  Analyse and interpret a set of performance indicators for a limited company over a series of years and comment on the financial performance; Compare a set of figures with other organisations and industry figures


Course Fee Details

Course Code: ICB1010 Save 27%

Course Fee: £355.00 NOW ONLY £260.00

You can pay the full price or pay a deposit of £110.00 (0% APR), followed by 4 monthly payments of £37.50

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Course Fee Details
Course Code: ICB1010     Save 27%
Course Fee: £355.00 NOW ONLY £260.00
You can pay the full price or pay a deposit of £110.00 (0% APR), followed by 4 monthly payments of £37.50
1 Answer
Level IV Diploma in Financial Management